BASLE (Jul. 16)
The assets of the Jewish Agency and the Keren Hayesod, its chief financial instrument, in the form of loans due from commercial and industrial undertakings, various institutions and investments in Palestine agricultural undertakings, exceed by more than $4,000,000 the total obligations of the Agency and the Keren Haycsod which amount to some $3,500,000, Dr. Werner Senator, treasurer of the Jewish Agency, today informed the Council of the Jewish Agency.
The sum of $3,500,000 includes $1,500,00 for future economic investments and cetrain land purchases, and a considerable sum in long term notes, largely those signed by leading personalities in the Jewish Agency, Dr. Senator declared. The back payment obligations of the Jewish Agency and the Keren Hayesod for all other credits total about $1,500,00, he stated.
Commenting on the reports that the Agency has a deficit of $4,000,000, Dr. Senator explained that the total obligations of the Agency and the Keren Hayesod total about $3,500,000. He said he deliberately used the term “obligations” in preference to the word “deficit” because the latter is misleading and is likely to create the impression that the debts of the Agency and the Keren Hayesod have reached $4,000,000. He then explained that the Agency’s assets exceeded by more than $4,000,000 its total liabilities in the above-mentioned sense.
Pointing out that great sums of money are required for the further progress of the Agency’s colonization and other work which represents permanent investments and no momentarily liquid assets, Dr. Senator said “it is no secret that as a result of the economic crisis, and especially of the situation in America, we find ourselves in a difficult situation in our attempt to balance income with expenditure. We hope, that as in former years. we will overcome the temporarily difficult situation by the willingness of the Jewish people to make sacrifices in behalf of our cause.